Target missed the target this year on “pride month.”
The retail giant reported Wednesday that it missed its second-quarter revenue goals, after the company’s pro-transgender apparel provoked a consumer backlash. Target’s controversial merchandise included “pride” apparel for babies, “tuck-friendly” swimwear, and products designed by a self-professed Satanist and transgender activist.
Target stock tanked from a peak of nearly $170 per share in April to just more than $126 per share by mid-June, where shares remain. Target’s stock lost nearly $14 billion in the last two weeks of May, as the controversial clothing collections made headlines.
The company’s quarterly earnings report revealed the true scale of Target’s losses. The retail chain documented a 5.4 percent decline in comparable sales, the first such drop in six years.
“Total revenue of $24.8 billion was 4.9 percent lower than last year, reflecting a total sales decline of 4.9 percent partially offset by a 1.3 percent increase in other revenue,” Target reported.
NEW: Target had its first quarterly revenue miss in six years.
As it turns out, working with satanists to push transgenderism on children was not a wise business strategy.
Selling “tuck friendly” swimwear marketed to children wasn’t either.
pic.twitter.com/FLw2UvMXuT
— Michael Seifert (@realmichaelseif) August 16, 2023
According to National Review, Target Chief Growth Officer Christina Hennington told reporters on a call that the company will recalibrate the chain’s pride merchandise next year.
“You will see us celebrate Pride, you will see us celebrate these heritage moments, but with these modifications,” she
